Egyptian stock prices fell Wednesday as investor fears ratcheted up over Egypt's gloomy economic prospects.
Shares had dropped nearly LE3.6 billion in market value by the end of trading, driven by foreign and Arab investors who were in the market to sell.
The exchange's benchmark index, the EGX30, lost 1.8 percent of its value with transactions worth LE578.8 million.
The return to gloom and doom following three rosy sessions comes a day after the Central Bank of Egypt announced foreign reserves had slumped to US$13.6 billion in January, which is covers less than three months of import costs.
Brokers also said investors are worried some global financial rating institutions plan to downgrade Egypt's rating in April.
Ashraf Samy Naguib, an analyst and securities company director, said Egypt needs political stability, positive economic indicators and the $4.8 billion International Monetary Fund land to boost investment, particularly from foreigners.
Edited translation from Al-Masry Al-Youm
